Press Release

Govt Approves Just 10 Startups For Availing Tax Benefits Under ‘Start-up India’ Programme

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As on 9 March, the government received 1,835 applications for seeking recognition under the Startup India programme and out of this, 713 have been recognized.

Yesterday, Commerce minister Nirmala Sitharaman said in Parliament that 146 applications were considered out of which 10 startups have been approved by the inter-ministerial board for availing tax benefits.

Also, 267 start-ups have been facilitated by providing advisory on business plans, pitching support, mentoring support and 104 applicants have received the benefit of 80% rebate in patent fees, she said in a written reply to the Rajya Sabha.

Replying to a separate question on foreign direct investment, the minister said the government reviews FDI policy on various sectors, including retail, on an ongoing basis. “Significant changes are made in the FDI policy regime, from time to time, to ensure that India remains increasingly attractive and investor-friendly investment destination,” she added.

The much hyped ‘Start-up India’ programme was launched a little more than a year ago by Prime Minister Narendra Modi himself however the programme doesn’t seems to be giving benefits to startups in India as it was expected in the beginning.

Earlier, we reported that out of Rs 10,000 crore Fund of Funds — a centerpiece of the programme — only Rs 600 crore of have been sanctioned this year and an even a meager sum of Rs 5.66 crore has reached to just one startup.

Related Reading – A Shocking Revelation About The Success Of ‘Startup India’ Programme

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